Williams considers sale of struggling F1 team

www.espn.co.uk
3 min read
fairly difficult
Williams is considering a sale of its once-dominant but now struggling Formula One team as part of a new strategic direction, Williams Grand Prix Holdings (WGPH) said on Friday.
The company published annual results showing WGPH's Formula One revenue slid to £95.4 million ($117.6 million) in 2019, down from £130.7 million the previous year. The Williams group recorded an overall loss of £13 million for 2019 compared to a £12.9 million profit in 2018.

With the coronavirus pandemic already impacting revenues this year and an announcement that the team has served notice to terminate its deal with title sponsor ROKiT, Williams confirmed it was undergoing a strategic review that could include a sale.

"The WGPH board is undertaking a review of all the various strategic options available to the company," a statement said. "Options being considered include, but are not limited to, raising new capital for the business, a divestment of a minority stake in WGPH, or a divestment of a majority stake in WGPH including a potential sale of the whole company.

"Whilst no decisions have been made regarding the optimal outcome yet, to facilitate discussions with interested parties, the company announces the commencement of a 'formal sale process.'"

Williams has appointed joint financial advisers to assist with a potential sale but said it is only in preliminary talks…
ESPN and Reuters
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